The verdict is in. The NCAA and Penn State agreed upon unprecedented penalties on its football program.

The announcement came Monday morning from NCAA headquarters in Indianapolis.

The sanctions are:

A $60 million fine, with funds used to establish an endowment to support victims of child sex abuse

Postseason ban for four years (includes bowl games and Big Ten Championship game)

Reduction of 10 scholarships (from 25 to 15) for four years (Penn State's scholarship cap is 65 per season)

Content Sponsor

All wins vacated from 1998-2011

Five-year probation period for athletic department to work with an academic integrity monitor of the NCAA's choosing

Current team members have the freedom to transfer to any school and immediately be eligible to play. Additionally, they can remain on scholarship throughout their career at Penn State even if they do not continue playing football.

Penn State cannot restrict any player from pursuing a transfer to any school. The school and player simply must inform the school of their lnterest level. The NCAA is considering waiving scholarship limits in the 2012-2013 season for programs to which these players transfer, provided the schools reduce proportionately in the next year.

Penn State is also expected to agree to implement policy changes within the athletic department, such as:

Establishing a chief compliance officer position, compliance counsel and an array of control mechanisms

NCAA will select an independent athletics integrity monitor, and for a five-year period, it will report quarterly to the NCAA, Big Ten and Penn State Board of Trustees.

NCAA President Mark Emmert consulted with the association's executive committee and Division I board of directors to decide the sanctions. Penn State did not self-impose any sanctions but it did sign a consent agreement which in effect surrenders the possibility for appeal.

"No matter what we [did] here today, there is no action that can remove [the victims'] pain and anguish," Emmert said. "But we can impose sanctions that reflect the magnitude of these terrible act and ensure Penn State will rebuild an athletic culture that went horribly awry."

Big Ten Council of Presidents/Chancellors Chair and University of Iowa President Sally Mason and Big Ten Commissioner Jim Delany will announce additional sanctions at 11 a.m.

"It was just disheartening. It was a very sad for Penn State today," former quarterback Michael Robinson said on the Big Ten Network. "I'm at a loss for words. I cant believe this is happening; like a bad, bad dream."